What is the process to transfer ownership of a home loan?

Question

Expl... from daughter to mother

Answer 1

I don't think your question is being asked correctly. It sounds as if the daughter lent someone money, hence the "ownership" of the loan.

If you want to transfer the obligation from daughter to mother, you could ask the lender to do an assumption. They might agree to, if mom qualifies.

If not, she'd either have to sell it to mom, or use a quit claim deed to put mom on title with her, and have mom refinance.

If you're trying to do this to keep your daughter out of foreclosure, the bank will figure it out, and might block you.

Answer 2

For the most part there is no process to transfer a loan. Lenders rarely let one person take over a loan for another. To assume a loan is the phrase. Most lenders will block or decline to allow an assumption. If they do allow a loan to be assumed they will qualify the new borrower to see if their credit score is high enough. Similar to the process used when borrowing in the first place.

Note that if someone is taking over a loan on a property it is assumed that the person is also taking over the ownership of the property. Hence we are talking about a sale from the daughter to the mother. That might not be what you want. If there is a sale there are issue concerning the transfer of the title and the liens beyond the loan.

It might be best that you consult with a lawyer or other professional so that you understand the options that are open and how to move forward.

Answer 3

This is a very long answer and would be easier to explain on the phone please call if you will.

949-748-7680 ext 225

My name is Bret
I have been in the business a long time, and there are various ways to transfer property.